Overtime, a NYC-based brand for the next generation of sports fans, raised $80m in Series C funding.
The round, which has now raised more than $140m in funding, was led by return investor Sapphire Sport, Black Capital and investors Bezos Expeditions (the personal investment company of Jeff Bezos), Drake, Micromanagement Ventures (the family of the late David Stern), Alexis Ohanian, Jeff Kearl (via Pelion Capital), Morgan Stanley Counterpoint Global, Blackstone Strategic Partners, more than 25 current and former NBA players including Deandre Ayton, Lonzo Ball, Will Barton, Devin Booker, Anthony Edwards, De’Aaron Fox, Pau Gasol, Aaron Gordon, Danny Green, Zach LaVine, Kyle Lowry, Kenyon Martin, JaVale McGee, Khris Middleton, Kelly Olynyk, Taurean Prince, Cam Reddish, Domantas Sabonis, Garrett Temple, Isaiah Thomas, Klay Thompson, Thaddeus Young, Trae Young, Gerald Wallace, Hassan Whiteside, Andrew Wiggins, and Nick “Swaggy P” Young, as well as Gaingels, PROOF, Concrete Rose Capital, Dentsu Ventures, Intersect Capital, LightShed Ventures, WNBA All-Star and commentator Chiney Ogwumike, Rogue Insight Capital, Bakari Sellers, 10X Capital, True Capital Management, and Ares Management’s Nate Walton
The company intends to use the funds for the expansion of Overtime, including building internal capabilities around NFTs, trading cards, content and community to develop sports betting tailored for the next generation of fans, and continue investing in its sports app, where fans can get stats, scores, hot insights, humor, culture, kicks and more.
Led by Dan Porter, CEO and co-founder, and Zack Weiner, President and co-founder, Overtime has built a community of almost 50 million social media followers spanning across multiple verticals including content, e-commerce, sports app, live events and more.
The company will also make a significant investment into the development of OTE (Overtime Elite), the company’s new basketball league. This will include guaranteeing salaries for all OTE athletes, hiring a dedicated staff of more than 80 league employees, and making other investments critical to launching a new league. OTE’s inaugural season begins in September.
Overtime now has more than 125 employees.